Travel and Tourism in Mexico to 2017 Tourism accounted for 12.5% of Mexico’s GDP and 13.9% of its total employment in 2012. Aarkstore Enterprise (India), 28th September, 2013 : Despite a decline in 2009 due to the financial crisis, the Mexican travel and tourism sector performed well over the last five years. Inbound trips to Mexico recovered to register a CAGR of 0.52%, and outbound tourist volumes posted a CAGR of 1.09% during the same period. Promotional activities by the tourism authority, coupled with relatively stable economic conditions, were the key growth drivers. According to the World Travel and Tourism Council (WTTC), tourism accounted for 12.5% of the nation’s GDP and 13.9% of its total employment in 2012. Domestic tourist volumes increased from 174.2 million in 2008 to 194.3 million in 2012, at a CAGR of 2.78% over the last five years. Between now and 2017, volumes are anticipated to increase at a projected CAGR of 4.51%, to reach 242.2 million by 2017. The key growth drivers are expected to be economic stability, rising levels of consumer confidence and government initiatives to increase domestic tourism. Domestic tourism expenditure is forecast to increase at a CAGR of 8.39% over the next few years to value MXN2.4 billion (US$180.1 million) by 2017. Over the last few years, inbound tourism rose at a CAGR of 0.52%, increasing from 22.6 million tourists in 2008 to 23.1 million in 2012 with the highest annual growth rate of 8.6% being recorded in 2010. Inbound tourist arrivals are expected to reach 25.8 million in 2017, expanding at a CAGR of 2.26%. The key drivers of this growth will be economic improvements in key source markets, improved access to travel services at increasingly competitive prices, and government efforts to promote Mexico as a tourist destination. Mexico’s North American neighbors play a major role in tourism activity within the country. Realizing their importance, the Mexican government is taking steps to increase the volume of tourists arriving from the US and Canada. In 2012, Mexico welcomed a total of 18.4 million inbound tourists from the US and 1.3 million from Canada. The Mexican tourism agency launched a ‘Mexico taxi project’ campaign in an attempt to change the perception of North Americans towards Mexico and to attract more tourists. In May 2010, Mexico liberalized visa requirements for international tourists, and the federal government launched a new visa policy with provisions for automatic entry to tourists, business and transit travelers who possess a US visa. In addition, the country launched an electronic visa application system for Russian, Brazilian and Chinese citizens, enabling them to apply for a Mexican visa online. This resulted in an increase in international visitors to Mexico over the past two years. The Mexican drug war has had an adverse impact on the country’s tourism, which is one of the largest sources of foreign exchange earnings and major contributors to GDP. The Mexican tourism industry relies heavily on the US, as around 18.4 million US tourists visit Mexico in 2012. This has had the greatest impact on cities which border the US, where hotel occupancy rates have declined. The US Department of State issued travel warnings for its citizens due to increased levels of violence around the border. Target audience Travel and Tourism companies (Mexican and Global). Suppliers to Travel and Tourism companies. Contractor research organizations. Trade body, academia or other industry observers. Companies involved at any stage in the manufacturing, procurement and marketing process. Related reports Travel and Tourism in Peru to 2017. The North American Travel Intermediaries Market. Travel and Tourism in Argentina to 2017. North American Business Traveler Survey 2013: Hotel Accommodation, Selection Criteria and Customer Expectations of New Technology, Promotions and Services. Travel and Tourism in Brazil, Key Trends and Opportunities to 2016: Hosting of FIFA World Cup and Olympic Games to Promote Tourism Growth.
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